Question

You and your classmates create 19 tapestries to sell at the PTA auction to raise money for your school. In order to pay for the materials you bought to make the tapestries, you need to sell each of the tapestries for $2.00. When transporting the tapestries to the auction, one of your parents accidentally drops five of the tapestries in the street and they are run over by a Community Transit bus. What is the new minimum price you need to set for the remaining tapestries in order to pay for the materials?

a. $1.50
b. $2.00
c. $2.50
d. $3.00

Answer 1

After losing 5 out of 19 tapestries, the students would need to sell each of the remaining 14 tapestries at 2.71 to cover costs; therefore, the new minimum price should be set to 3.00.

Step-by-step explanation:

The student and their classmates initially created 19 tapestries intending to sell them at 2.00 each to cover the cost of materials. However, after losing 5 tapestries in an accident, there are now only 14 tapestries left to sell. To find out the new minimum price per tapestry to cover the same total cost, we perform the following calculation:

• Total cost of materials = 19 tapestries × 2.00 per tapestry
• Total cost of materials = 38
• Number of tapestries left = 19 - 5 = 14 tapestries
• New minimum price per tapestry = Total cost of materials / Number of tapestries left
• New minimum price per tapestry = 38 / 14
• New minimum price per tapestry = approximately 2.71

Therefore, the closest minimum price per tapestry to cover the materials is 2.71, so the students would need to set the price at 3.00 (option d) to ensure they cover their costs and possibly round to a neat figure.